SVB Financial, former parent of Silicon Valley Bank, files for bankruptcy

Silicon Valley Bank’s former parent, SVB Financial, said it filed for bankruptcy, a week after the tech-reliant bank turn off After a run-in by regulators on the financial institution that plunged it into bankruptcy.

In Friday Statement, SVB Financial said it is no longer affiliated with Silicon Valley Bank or its private banking and wealth management unit SVB Pvt., following its takeover by the Federal Deposit Insurance Corp. Silicon Valley Bank is not involved in the Chapter 11 filing, the company said.

The bankruptcy filing excludes funds from SVB Securities and SVB Capital, as well as its general partner entities, the statement said. The parent company said it continues to explore “strategic alternatives” for those divisions, which continue to operate and serve customers.

“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its valuable businesses and assets, particularly SVB Capital and SVB Securities,” said SVB Financial Group’s chief restructuring officer. Officer William Kostoros said in a statement.